Your Employee Value Proposition (EVP) is defined by what you offer your employees. What do your employees get from you in return for their time, their effort and their engagement? Perhaps a well-defined career path, working out of a prime location, excellent pay and secondary benefits?
Based on our international research, we identified a best practice of four different steps to maximise the effect of your EVP on the attraction, retention and engagement of your staff. Find out what you can do to get the most from your EVP.
Step 1: Measure the fit between employee needs and your organisational offerings
The first step in maximising your Employee Value Proposition is to measure your optimal EVP. Measure the fit between what you offer your employees and what they really want. Do this on at least an annual basis.
From our international research, we find that on average 55% of Top Employers across Europe measure the fit between employee needs and organisational offerings at least annually.British Top Employers are somewhat behind in comparison with their European peers: 51% of the UK’s Top Employers measure this on an annual basis.
Step 2: Segment employee groups based on their needs
Specific employee groups have specific needs. Identify and segment these specific employee groups. Make sure the EVP fits with each employee group and their needs.
On average 54% of the Top Employers in Europe have defined specific employee groups based on their wishes and desires. The percentage of British employers that do this is in this respect somewhat lower: 47% of Top Employers in Britain have policies in place to identify and segment their staff in specific employee groups.
Step 3: Communicate your offerings to your employees
Step three in optimising your EVP is to communicate all your offerings to your employees. Make a formal statement on what exactly you offer your people. Think of rewards, benefits and personal development.... Make sure they know exactly what they are entitled to, what they are offered, what characterises your organisation and what differentiates you as an employer from other companies out there.
Here is where the British Top Employers are doing well in comparison with the average European Top Employers. Eighty-four per cent of them have a formal statement on employee offerings, which is communicated to their employees through various means. On average 83% of Top Employers in Europe have formally defined this in their HR strategy and secured this in their HR policies.
Step 4: Develop a three-year outlook on your employee offerings
From our research we see that outstanding employers are able to maximise their EVP based on the above-mentioned three best practices. Furthermore the cream of the crop takes the process one step further.
Our international research shows that companies that develop a three-year strategic plan to anticipate future employees’ needs and desires and organisational offerings already have significantly lower shortages of professionals now!
Make a long-term strategic plan to anticipate the future needs of your employees in this rapidly changing talent marketplace. Looking ahead not only yields results in the long term, but you get immediate benefits from your vision of your EVP by getting and keeping the best people.
On average 36% of Top Employers across Europe already have this three-year strategic outlook on future employee needs and desires and their organisational offerings. British employers are ahead of the European group, with 44% of Britain’s Top Employers having already developed a three-year outlook on their employee offering.
It is clear that even though many employers have clearly defined their Employee Value Proposition, there is a lot that can be improved in the strategic development and execution of their EVP. Now, where do you stand with your Employee Value Proposition? Get going, and start maximising it based on these four best practices.